Research On The Development Model Of Publicly Raised Infrastructure Securities Investment Model

"Real Estate Investment Trusts"(hereinafter referred to as REITs)is a new type of financial products appearing with the development of the real estate market,and is also a diversified investment tool of collective type requiring professional management.The basic assets of REITs outside the Chinese mainland are mainly shopping malls,hotels,industrial plants,real estate,apartments,etc.Through judging and estimating the asset value in a certain way,the listing price of the asset is formed through the price game with investors.After the asset is sold,the original owners get the corresponding financing,and the investors get the distribution of asset appreciation income and rental income.Since reform and opening up,a large amount of infrastructure construction has been carried out in our country,and the scale of infrastructure assets is huge.The good development of REITs will help to fully connect the capital market with infrastructure construction,make full use of social funds,and put existing infrastructure assets to good use.Under the foregoing circumstances,the development of infrastructure construction needs to rely on a wider range of financing means and methods.Since the end of 2019,China’s domestic market REITs have made great progress,and the basic problems in the legal system have been solved.Several REITs products have been issued successively,causing a great response in the market.Public offering REITs have developed rapidly and become very mature in the overseas market,while the domestic market lags behind the overseas market due to the tax and legal system.This thesis adopts the methods of literature research,case analysis and comparative analysis to analyze the development path and highlights of overseas markets,and combine the development path of the domestic market for optimization.The vigorous development of the public offering REITs market is imperative.First of all,this thesis introduces the concept of REITs and four types of classification:equity type,mortgage type and hybrid type,closed type and open type,private type and public type,corporate type and contract type.Compare standard REITs,class REITs and public REITs in domestic and foreign markets.Secondly,this thesis introduces the development mode of standard REITs in overseas.This part introduces the organizational structure model,investment object,income source and distribution system,investment scope and other aspects of the United States,Singapore,Japan,South Korea and Chinese Hong Kong.It also makes a comprehensive study and comparison of the development model of these countries and regions.It makes clear that laws,regulations,organizational structure and regulatory system under the Asian model are more targeted,more careful and more strict for the development of Chinese REITs.Thirdly,this article introduces the relevant exploration of REITs products and the relevant policy orientation.Through the representative cases of class REITs and public offering REITs and a summary of our policy,revealing the huge potential of our REITs market,the government has the intention to support,and develop the REITs market in our country in order to meet the opportunity,also made the stage of progress.Finally,this thesis points out the current problems in the development of public offering REITs and the corresponding countermeasures,so as to make public offering REITs take root and sprout better in China.